Chris Nallen carded a 69 at the TPC at Virginia Beach to join Chad Collins, Chris Couch and Chris Tidland in a tie for second place at 7-under-par 137.
Matteson was two shots off the pace to start the day and collected his first birdie at the par-4 second. He added back-to-back birdies starting at the par-4 fourth and moved to minus-7 with a birdie at the par-5 eighth.
'I hit a lot of greens and a lot of them were inside 20 feet,' said Matteson. 'If you hit it like that all day, you're going to play well.'
The 25-year-old made it two straight with a birdie at the par-4 ninth to go out in 31. Matteson continued his fine play on the back nine with a birdie at the par-4 11th and another at the par-5 12th.
He struggled with a bogey at the par-3 13th but parred his next four holes until a birdie at the par-4 18th left him with a solid lead heading into the weekend.
'It's just not a lead until it's the last hole when you're walking down the fairway because if you're the last guy coming in then that's the only lead you need to have,' Matteson said. 'Out here, scores can fluctuate and low scores are possible from anybody.'
Nallen picked up a birdie and an eagle over his first nine holes and added a pair of birdies on the back side for his share of second. Tidland, Couch and Collins all shot matching rounds of 67 to finish alongside Nallen three shots behind Matteson.
Dave Christensen, who held the opening-round lead, managed only a 1-under 71 on Friday to share sixth place with Brendon de Jonge, Jerry Smith and Steve Larick.
The 36-hole cut fell at 1-under-par 143 with 62 players qualifying for the weekend. Among those who missed the mark were former U.S. Amateur champion Ricky Barnes and Per-Ulrik Johansson.